– · What is the minimum down payment for FHA loan? The borrower’s minimum required investment is 3.5% of the purchase price / adjusted value of the property. The source must be from borrower’s own funds or as a gift from an acceptable donor.
Use 401K To Buy A House Is Borrowing Against a 401(k) Counted When Buying a House? – If you need extra financial assistance when buying a house, you may consider using the funds in your 401k. This can be an untapped resource if left unused, but it can also end up putting you further into debt or, in some cases, reducing the size of the mortgage you qualify for.
cautions FHA mortgage expert dennis Geist, who is engagement director at Treliant Risk Advisors in Washington, D.C. “Approval of borrowers with credit scores between 500 and 580 is subject to higher.